TeraWulf (WULF) Q4 2025 earnings summary

Executive summary

• Transitioned to a scaled, power-backed AI infrastructure platform, securing 522 MW of leased capacity and over $12.8 billion in long-term, credit-backed HPC revenue, with a 2.4–2.9 GW multi-site portfolio.

• Acquired Beowulf Electricity & Data, secured major campuses including Cayuga and Kentucky, and signed a 450 MW lease with Fluidstack, supported by Google's credit.

• Expanded into Texas via Abernathy JV, delivered operational HPC capacity for Core42, and established a repeatable project financing model.

• Built a robust team with expertise in construction, project management, and cybersecurity to support rapid growth.

• Achieved major commercial, operational, and financial milestones, positioning as a leader in sustainable HPC infrastructure.

Financial highlights

• Secured over $12.8 billion in HPC lease agreements and executed $6.5 billion in debt and equity-linked financing in 2025.

• Q4 2025 revenue was $35.8 million, down 29% QoQ, mainly due to lower Bitcoin production and prices; full-year revenue reached $168.5 million.

• HPC lease revenue rose to $9.7 million in Q4, up 35% from Q3; full-year HPC lease revenue was $16.9 million.

• Cost of revenue increased 32% year-over-year to $82.7 million, driven by higher power prices.

• GAAP net loss for 2025 was $661.4 million, primarily due to non-cash fair value adjustments and depreciation; adjusted EBITDA was negative $23.1 million.

Outlook and guidance

• Targeting 250–500 MW of contracted capacity annually through the end of the decade, with a multi-year development runway supported by a 2.4–2.9 GW controlled platform.

• Kentucky campus targeting 480 MW online in the second half of 2027, with potential for expansion; Morgantown phase one positioned for end of 2028 or 2029, pending remediation and permitting.

• 2026 priorities include delivering remaining contracted capacity, executing the Kentucky lease, advancing NY & MD development, and maintaining capital discipline.

• Fixed operating cost guidance for 2026 is $100–125 million, with SG&A at $75–100 million and convertible interest at $24 million.